Let me begin… Greetings from Texas (where my moral compass is spinning out of control).
Despite loathing almost everything else that is happening here in this state, the capitol of Austin continues to draw me in once a year for the SxSW Festival, a convergence of connections, conversations, friends, food, ideas, and inspiration, unlike any other event of the year.
Here's what's buzzing in my mind as I head home with a full mind, heart, and belly:
SOMETHING PROFESSIONAL: Key Themes from SxSW
SVB’s collapse was the unavoidable topic everywhere, with warning signs that the investment and VC raise market might be weak for a while. To be with so many startup founders and the investment community while this was happening was both amplified terror AND group therapy. It was the October surprise” of the weekend, looming large over everything (especially the Roku party). Some still expect long-term impact with ripple effects impacting companies and people for years to come. Others are glad we dodged a major bullet.
But on the bright side… this year saw a full return to the festival/event attendee craziness where the real theme should probably be “I met XXXXX while waiting in line.” But there was so much more:
Artificial Intelligence: The biggest topic, came up everywhere, on every panel, in just about every side conversation. Yet very few people can point to specific examples of how they'll use it. OpenAI cofounder Greg Brockman kicked off a packed session on Friday, but was such a "rah rah" cheerleader and less practical in terms of quelling concerns about the machines taking over that it left may unsettled with more questions than answers.
The big prediction: it will change more operationally behind-the-scenes. Micro improvements, to start, making current processes and output better, but also around AI-centered digital assets. AI + tokens have a market cap for is +$5B, and have been some of the hottest cryptocurrencies this year. (Of course, 99% of these new projects will end up in the crypto graveyard.)
Digital Identity: This is the big opportunity, IMO. And it goes beyond email, and will be onchain. Yes, the blockchain wallet race is ON
— Robinhood browser wallet is out on iOS
— Uniswap launched its self-custodial mobile wallet
— Metamask is building out content experiences
— Bitski is faster than Metamask by a factor is 10:1. ()Blockchain Booms:
— Ethereum and Bitcoin remain the primary topics of conversation— Polygon, Solana, and Flow are struggling to keep pace. Other second-tier chains like Avalanche, Algorand, Aptos, and the like may be in the consideration set with brands and marketers, but they're VERY quiet.
— Speaking of another A-word... Amazon has a great presence in Austin. And is about to bring 175MM people onto the blockchain, too! The Amazon wallet will supposedly be added to US-based Prime member accounts, and integrate with the credit card they already have on file.Blockchain Applications: We're slooooowly getting into real utility here.
— Physical + Digital pairing: It is heating up, including metaverse activations and IRL activations. Most people still don't fully understand the difference between NFTs and crypto.
— Loyalty: Starbucks is the leader in the clubhouse, frens…
— Tickets: Token-gated was limited in Austin. But despite the hope, it remains more a source of frustration than practicality. NFTs are enhancement, but not yet a requirement enjoy the experience. Companies like Tokenproof and ETHPass are redefining what tickets could look like and do, legacy ticketing companies like Ticketmaster are building infrastructure for web3 capabilities, and events like Rolling Loud are creating new types of NFT passes for their superfans.Next time we're back in Austin will be for Coindesk's Consensus, and they are leading the way with a new collection of tickets and their long-term benefits and value.
SOMETHING PRACTICAL: But Wait, There’s More!
China: The C-word is on everyone's lips, both with everyone's favorite speculation (TikTok ban?!? ) and the arms race with A.I.. And ChatGPT has thrown gasoline on fears of a U.S.-China arms race on A.I.
Virtual Influencers: When I first met Shep and the Offbeat Media Group at SXSW a year ago, it was the first time I'd seen successful use cases for virtual influencers. Now I think they may be just as good, if not better, than real influencers long-term. Talking about the latest job-stealing-AI trend... they have a 3x higher engagement rate compared to flesh-and-blood influencers.
Streaming Content: Competition for attention is fierce. Roku City and Showtime’s Yellowjackets brought the opening night buzz (pun intended!). Who else was here? ParamountPlus and Amazon and Vimeo and YouTube and...
AR/VR Headsets: Some people call these "wearables," but that makes me think of "edibles." Meta's big presence this year is fully focused on headsets. Their recent price drop was a big step toward accelerating adoption, but the concept remains a novelty for a large majority of people. Meta is also (unofficially) building a decentralized, text-based social network for people to post text-based updates. Twitter killer?
Cars: Intelligent, connected, AI-driven, eco-friendly, art... the automotive industry is leading the charge (pun intended) on bringing us forward, and companies like Porsche are out front.
Cookieless Future: While this has been discussed by everyone in every way for years, it's still being talked about in big circles here. So... will first-party member data, advertiser data, AI-powered, real-time behavioral insights, and blockchain wallet data will take the place of other tracking metrics? Let's talk again in a year.
Also mentioned more than a few times: Cocaine Bear... Climate Consciousness...
SOMETHING PERSONAL: The Annual Dues of March
Speaking of stress, the pressure to pick the perfect NCAA bracket is significant. But the stress of running a flawless bracket pool for friends, family, and 30 years of contacts is as high as anything I feel on a regular basis. This is a labor of love.
But we’re back and ready! $20 for bracket, the cost has never gone up despite inflation.
If you’re new, this is the biggest, yet most winnable pool you can join. About 300 entries with a legit pot, but always up for grabs. Sign up here!
Past players can re-join here. | And more info here.
SOMETHING POLITICAL: Out of the Chamber
The 2nd Amendment to the United States Constitution has been a subject of debate for many years. While some believe that this amendment guarantees an unrestricted right to own and use firearms, more intelligent assessments explain why gun ownership can and should be limited in light of modern social issues.
For one, the proliferation of firearms in the United States has been linked to an increase in gun violence and mass shootings. Many advocates for gun control argue that limiting access to firearms would reduce the number of deaths and injuries caused by guns, and they have the data to prove it.
The Bill of Rights was also written at a time when our international legitimacy was newly minted, we had just fought a 10-year war, and the United States did not have a standing army. Our young nation relied on armed citizens to protect the country. Today, however, the United States has a well-trained and well-equipped military, and the need for private citizens to own firearms for national defense is no longer relevant.
But I'd prefer to look at the 2nd Amendment, as written, from a grammatical perspective. Remember that colonial English sentence is different than modern usage. Dependent clauses, use of commas, and convoluted syntax can make it challenging for contemporary readers to fully understand its intended meaning. Particularly regarding the relationship between the "right to bear arms" and the need for a "well-regulated militia." What is modifying what, exactly?
Here is the literal text: "A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed."
But what if we re-arrange the clauses for modern English:
"Being necessary to the security of a free State, the right of the people to keep and bear Arms as a well regulated Militia shall not be infringed."
Hmm. None of us was in the room where it happened, but we do know that intent matters. James Madison wrote this text, but had input and references from others who wrote similar laws into state constitutions at the time.
I am NOT advocating for the illegality of private gun ownership (as much as I'd like to see that happen), but the right to own and use firearms is NOT absolute. As our society and legal system continue to evolve, it is crucial that we carefully examine the language and structure of the Second Amendment and consider how best to interpret its meaning in light of modern social issues. We must balance the individual right to bear arms with the need to promote public safety and prevent gun violence.
There is already overwhelming consensus that convicted felons and individuals with a history of mental illness are prohibited from owning firearms. These restrictions demonstrate that the 2nd Amendment can and should be limited when it comes to certain individuals and certain types of weapons. The conversations are great (like this one at SxSW), but it’s not enough…
Let’s (finally) take meaningful steps toward achieving this goal.